On the measurement of US firms’ fixed operating costs
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/40877 |
Resumo: | The objective of this study is to estimate the fixed operating costs of American firms using a novel measure that considers firms’ flexibility. In the sample, fixed operating costs account for 15.5% of the firm’s sales. The results show a significant level of heterogeneity across sectors of economic activity and firm size. In particular, it is found that the fixed operating costs to sales ratio is typically higher in smaller firms and service-related industries. This result is connected to the cost structure of firms in each sector. A negative correlation between the fixed operating costs to sales ratio and the share of COGS in total operating costs is found, as well as positive correlations between this ratio and the shares of SG&A expenses and depreciation and amortization. Lastly, the impact of the COVID-19 pandemic in this measure of fixed operating costs is studied. It is found that whenever the pandemic years are excluded from the regression, the fixed operating costs to sales ratios obtained are lower, on average, for the same dataset of firms and years. |
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On the measurement of US firms’ fixed operating costsFixed operating costsOperating leverageCost structureCOVID-19Custos operacionais fixosAlavancagem operacionalEstrutura de custosDomínio/Área Científica::Ciências Sociais::Economia e GestãoThe objective of this study is to estimate the fixed operating costs of American firms using a novel measure that considers firms’ flexibility. In the sample, fixed operating costs account for 15.5% of the firm’s sales. The results show a significant level of heterogeneity across sectors of economic activity and firm size. In particular, it is found that the fixed operating costs to sales ratio is typically higher in smaller firms and service-related industries. This result is connected to the cost structure of firms in each sector. A negative correlation between the fixed operating costs to sales ratio and the share of COGS in total operating costs is found, as well as positive correlations between this ratio and the shares of SG&A expenses and depreciation and amortization. Lastly, the impact of the COVID-19 pandemic in this measure of fixed operating costs is studied. It is found that whenever the pandemic years are excluded from the regression, the fixed operating costs to sales ratios obtained are lower, on average, for the same dataset of firms and years.O objetivo deste estudo é estimar os custos operacionais fixos de empresas americanas utilizando uma nova medida que tem em consideração a flexibilidade da empresa. Na amostra, os custos operacionais fixos representam 15.5% das vendas da empresa. Os resultados evidenciam um nível significativo de heterogeneidade por setor de atividade económica e pelo tamanho da empresa. Em particular, conclui-se que o rácio de custos operacionais fixos para vendas é tipicamente maior em empresas mais pequenas e em indústrias relacionadas com os serviços. Este resultado está ligado à estrutura de custos das empresas em cada setor. Existe uma correlação negativa entre o rácio de custos operacionais fixos para vendas e o peso dos Custos de Bens Vendidos, assim como correlações positivas entre este rácio e os pesos de Despesas com Vendas, Gerais e Administrativas e depreciação e amortização. Por fim, o impacto da pandemia de COVID-19 nesta medida de custos operacionais fixos é estudado. Conclui-se que quando os anos de pandemia são excluídos da regressão, os rácios de custos operacionais fixos para vendas obtidos são menores, em média, para a mesma amostra de empresas e anos.Silva, NunoVeritati - Repositório Institucional da Universidade Católica PortuguesaCarneiro, André Fernandes dos Santos Cabrita2023-04-19T09:41:55Z2022-10-212022-092022-10-21T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/40877TID:203133560enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-12T17:46:26Zoai:repositorio.ucp.pt:10400.14/40877Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:33:33.874795Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
On the measurement of US firms’ fixed operating costs |
title |
On the measurement of US firms’ fixed operating costs |
spellingShingle |
On the measurement of US firms’ fixed operating costs Carneiro, André Fernandes dos Santos Cabrita Fixed operating costs Operating leverage Cost structure COVID-19 Custos operacionais fixos Alavancagem operacional Estrutura de custos Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
On the measurement of US firms’ fixed operating costs |
title_full |
On the measurement of US firms’ fixed operating costs |
title_fullStr |
On the measurement of US firms’ fixed operating costs |
title_full_unstemmed |
On the measurement of US firms’ fixed operating costs |
title_sort |
On the measurement of US firms’ fixed operating costs |
author |
Carneiro, André Fernandes dos Santos Cabrita |
author_facet |
Carneiro, André Fernandes dos Santos Cabrita |
author_role |
author |
dc.contributor.none.fl_str_mv |
Silva, Nuno Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Carneiro, André Fernandes dos Santos Cabrita |
dc.subject.por.fl_str_mv |
Fixed operating costs Operating leverage Cost structure COVID-19 Custos operacionais fixos Alavancagem operacional Estrutura de custos Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Fixed operating costs Operating leverage Cost structure COVID-19 Custos operacionais fixos Alavancagem operacional Estrutura de custos Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
The objective of this study is to estimate the fixed operating costs of American firms using a novel measure that considers firms’ flexibility. In the sample, fixed operating costs account for 15.5% of the firm’s sales. The results show a significant level of heterogeneity across sectors of economic activity and firm size. In particular, it is found that the fixed operating costs to sales ratio is typically higher in smaller firms and service-related industries. This result is connected to the cost structure of firms in each sector. A negative correlation between the fixed operating costs to sales ratio and the share of COGS in total operating costs is found, as well as positive correlations between this ratio and the shares of SG&A expenses and depreciation and amortization. Lastly, the impact of the COVID-19 pandemic in this measure of fixed operating costs is studied. It is found that whenever the pandemic years are excluded from the regression, the fixed operating costs to sales ratios obtained are lower, on average, for the same dataset of firms and years. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-10-21 2022-09 2022-10-21T00:00:00Z 2023-04-19T09:41:55Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/40877 TID:203133560 |
url |
http://hdl.handle.net/10400.14/40877 |
identifier_str_mv |
TID:203133560 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
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1799132062304698368 |